Lots of tax changes in North Carolina !
In my "prior life" my tax specialty was state and local. Not wanting to give up this hard- earned knowledge base, I still pay attention to state and local tax updates in all 50 states. However, changes happening in my now home state are particularly exciting ! Here's a quick general summary of a few of them (there's so many more !). Contact me for more info or how this can impact you....
- NC standard deduction is increasing in 2020
- NC now conforms to the IRS's exclusion of charitable distributions from IRAs
- Apportionment (generally for companies in 2 or more states) for income OTHER than from sales of product is now "market-based" in its method, as opposed to sourcing receipts to where work is performed
- NC always required reporting changes made to a federal return that impacted NC tax. Now, one can wait to amend NC until the federal changes are deemed absolutely final, with
no appeal windows open